Ascent Resources : Articles of Association July 2022

TO BE ADOPTED SUBJECT TO SHAREHOLDER APPROVAL AT THE GENERAL MEETING SCHEDULED FOR 15 AUGUST 2022

No: 5239285

THE COMPANIES ACTS 1985 TO 2006

PUBLIC COMPANY LIMITED BY SHARES

ARTICLES OF ASSOCIATION

of

ASCENT RESOURCES PLC

(as adopted by Special Resolution passed on [ ] 2022)

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	Index
Clause No.	Page No.
1.	Preliminary ...................................................................................................................	1
2.	Business.......................................................................................................................	3
3.	Capital ..........................................................................................................................	3
4.	Share rights ..................................................................................................................	4
5.	Share certificates .........................................................................................................	5
6.	Calls on shares ............................................................................................................	7
7.	Forfeiture ......................................................................................................................	8
8.	Lien ..............................................................................................................................	9
9.	Transfer of shares ........................................................................................................	9
10.	Transmission of shares ..............................................................................................	11
11.	Failure to disclose interests in shares ........................................................................	12
12.	Stock ..........................................................................................................................	16
13.	Alterations to capital ...................................................................................................	17
14.	Modification of class rights .........................................................................................	18
15.	General meetings .......................................................................................................	19
16.	Notice of general meetings ........................................................................................	19
17.	Proceedings at general meetings...............................................................................	20
18.	Votes of members ......................................................................................................	23
19.	Corporations acting by representatives at meetings ..................................................	27
20.	Directors .....................................................................................................................	27
21.	Interests of directors...................................................................................................	28
22.	Managing and other executive directors ....................................................................	31
23.	Powers of directors ....................................................................................................	32
24.	Powers of borrowing and mortgaging ........................................................................	34
25.	Rotation, retirement and removal of directors ............................................................	34
26.	Proceedings of the board ...........................................................................................	36
27.	Alternate directors ......................................................................................................	37
28.	Associate directors .....................................................................................................	38
29.	The seal .....................................................................................................................	39
30.	Secretary ....................................................................................................................	39
31.	Authentication of documents ......................................................................................	39
32.	Registers ....................................................................................................................	40
33.	Dividends ...................................................................................................................	40
34.	Capitalisation of profits and reserves .........................................................................	43
35.	Accounts ....................................................................................................................	44
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36.	Audit ...........................................................................................................................	45
37.	Untraced shareholders ...............................................................................................	45
38.	Notices .......................................................................................................................	46
39.	Winding up .................................................................................................................	48
40.	Indemnity....................................................................................................................	48
41.	Power to appoint a president of the company ............................................................	49
42.	Share warrants ...........................................................................................................	50

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THE COMPANIES ACT 1985 TO 2006

PUBLIC COMPANY LIMITED BY SHARES

ARTICLES OF ASSOCIATION

of

Ascent Resources plc

(as adopted by Special Resolution passed on [. ] 2022)

1. Preliminary

1. The following regulations shall be the Articles of Association of the Company and the regulations in Table A of the 1985 Act and the model articles promulgated under the 2006 Act shall not apply to the Company.
2. In these Articles:
   "1985 Act" means the Companies Act 1985 to the extent for the time being in force; "2006 Act" means the Companies Act 2006 to the extent for the time being in force;
   "Articles" means these Articles of Association as herein contained or as from time to time altered;
   "Board" means the board of Directors of the Company or the Directors present at a duly convened meeting of Directors at which a quorum is present;
   "certificated share" means a share which is not an uncertificated share and references to a share held in certificated form shall be construed accordingly;
   "clear days" means, in relation to the period of a notice, that period excluding the day when the notice is received or deemed to be received and the day for which it is given or on which it is to take effect;
   "Company" means Ascent Resources plc;
   "communications" shall have the same meaning as in the Electronic Communications Act 2000;
   "Deferred Shares" means deferred shares in the capital of the Company from time to time;
   "Depositary" means the holder of a share for the time being held on behalf of another person on the terms of a depositary agreement or a depositary receipt or a similar document;
   "Directors" means the directors for the time being of the Company; "dividend" means dividend and/or bonus;
   "electronic communication" means any document or information sent or supplied in electronic form within the meaning of Section 1168 of the 2006 Act;
   "electronic form" and "electronic means" have the meaning given to them in Section 1168 of the 2006 Act;

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"executed" means executed under seal, under hand or in any other way; "General Meeting" means a general meeting of the Members of the Company;

"Group" means the Company and any company which is for the time being its holding company and any company which is for the time being a subsidiary of the Company or of such holding company;

"London Stock Exchange" means the London Stock Exchange plc;

"Member" means in respect of any share in the Company the person or person named for the time being in the Register as the holder(s) thereof;

"Month" means calendar month;

"Office" means the registered office for the time being of the Company;

"Ordinary Shares" means ordinary shares of 0.2p each in the Company;

"Paid Up" means paid up and/or credited as paid up;

"Prescribed Rate" means an annual rate of interest equal to four per cent. above the base lending rate (or any equivalent thereof or successor thereto) published from time to time by Barclays Bank plc in London, but not exceeding a maximum rate of 15 per cent. being the base lending rate in effect at the close of business in London on the day immediately preceding the day on which such rate falls to be determined;

"recognised person" means a recognised clearing house acting in relation to a recognised investment exchange or a nominee of a recognised clearing house acting in that way or of a recognised investment exchange designated as mentioned in Section 778(2) of the 2006 Act;

"Register" means the register of Members of the Company;

"Regulations" means the Uncertificated Securities Regulations 2001 (SI 2001 No. 3755);

"relevant system" means the computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters in accordance with the Regulations;

"Seal" means the common seal of the Company;

"Secretary" means the secretary of the Company and includes any joint, assistant or deputy secretary and any person appointed by the Directors to perform any of the duties of the secretary;

"Statutes" means the 1985 Act, the Companies Act 1989, the 2006 Act and every other Statute (including any orders, regulations or other subordinate legislation made under them) for the time being in force concerning companies and affecting the Company;

"Sterling" and "f" means the lawful currency of the United Kingdom;

"uncertificated share" means a share to which Article 5.4 applies and references to a share held in uncertificated form shall be construed accordingly;

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